New Delhi, Nov 30, : .WhatsApp India announced Tuesday that it will make significant investments in digital payments across the country over the next six month to accelerate its growth in a country where the adoption of UPI-based payments is increasing. Manesh Mahatme (Director-Payments, WhatsApp India), stated that as WhatsApp India’s users adopt ‘payments on WhatsApp’ more frequently, the company is looking forward to collaborating with the National Payments Corporation of India to expand it to all users.
“We are grateful to the NPCI for increasing our cap to 40,000,000 (from a initial cap of 20,000,000).
Mahatme stated that since our approval by NPCI, we have been working hard to provide a simple, reliable and secure experience for WhatsApp users.This will help accelerate UPI adoption for the “next five hundred millions” Indians.
Last week, the NPCI approved an increase in the user limit for WhatsApp’s payment system from the current 20,000,000 to 40,000,000 users.
Mahatme reports that Meta-owned company Meta has introduced several India-specific features to WhatsApp payments in the last few weeks, and have seen some exciting results.
He stated that “Over the next six month, we have planned significant investments on WhatsApp across India — including many additional “India-first” features — that will accelerate our growth.”
He said that UPI has the potential to have a greater impact on the country, especially in rural areas where digital and financial inclusion can significantly improve lives.
The top company executive stated that WhatsApp Pay could be a valuable partner for the NPCI or RBI, as we all strive to increase adoption of UPI/financial inclusion to those most in dire need.
According to the NPCI’s latest data, India witnessed a record Rs 7.7 lakh crore (more than $100 billion in value) of digital transactions via UPI during October.
Digital payments saw 4.2 billion UPI transactions during October, which was a record month for festive shopping on e-commerce platforms.
The NPCI reported digital payments of Rs 6.54 lakh crore in September via 3.65 billion UPI transactions.
PhonePe is currently the leader in digital payments in the country.PhonePe has registered digital transactions worth Rs 3.06 crore.
PhonePe currently has more than 325 million registered users.
PhonePe is also accepted by over 22 million merchant outlets in India.
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